Heitman European Property Partners IV (HEPP IV) the American-based property investment fund, finalized the acquisition of its second Hungarian office portfolio at the end of 2011.
Acquired from UK-based Aviva and advised by the global real estate consultant, Cushman & Wakefield, the portfolio consists of two landmark offices known as Science Park and Alkotás Point.
Science Park, a prime 30,000-m² office building developed by Skanska in 2002 offers long term secure income from the international anchor tenant, Ericsson.
Alkotás Point, a 25,000-m² office was developed in 2004 and offers more opportunities to add value through active asset management. This represents a successful year for HEPP IV having previously agreed a JV on Millennium Towers in Hungary with Trigranit in the same year.
Charles Taylor of Cushman & Wakefield commented: "Science Park has consistently out-performed the market. It was pre-let during construction, sold on completion in 2006 by Skanska and despite most lease contracts rolling over since then, has barely dropped below 100% occupancy.
"Alkotás Point, by contrast offers Heitman a great opportunity to improve occupancy levels within this landmark office building."
Source: Cushman & Wakefield